Frequently Asked Questions:

WHAT IS A CREDIT REPORT ANALYSIS?

A credit report analysis involves pulling your credit report (on your own or with an expert) and going through it line by line. As a result of a credit report analysis, you will understand your current credit situation, which accounts are in good standing, which accounts have a negative effect on your rating, and what you should consider disputing for removal. You will have a better idea of any potential theft of your identity. Your credit report analysis will also lay the foundation for your credit building plan, helping you to determine if you should deal with negative items on your history, care for current, positive credit items, or work to add new credit items to your report.

WHO SHOULD HAVE A CREDIT REPORT ANALYSIS?

All adults (plus minors preparing for living independently) should pull their credit reports at least annually and analyze them for accuracy, progress and potential fraud.

WHERE DO YOU GET YOUR CREDIT REPORT ANALYSIS?

If you do your own credit report analysis, get your free credit report from AnnualCreditReport.com. However, work with a nonprofit credit counseling agency, such as Money Fit by DRS.

WHEN SHOULD YOU GET A CREDIT REPORT ANALYSIS?

While an annual credit report analysis is recommended, such analyses are particularly beneficial in advance of any event involving credit-based decisions, such as applying for loans, changing automobile insurance policies, applying for employment, moving to an apartment, or applying for a utility account or cell phone plan. Because addressing concerns on your credit report can take 30 days or more, you should do your credit report analysis far in advance of the credit-related event.

HOW DO YOU DO A CREDIT REPORT ANALYSIS?

When working with a credit professional, such as a nonprofit credit counseling agency, you can do your credit report analysis in person, by phone, via web conferencing or even via email. Keep in mind that while working via email is very convenient, you should ensure that none of the paperwork you share includes your social security number, account numbers or personally identifying information. Be sure to confirm that all data submitted online is done through a secure connection.

HOW MUCH TIME DOES A CREDIT REPORT ANALYSIS TAKE?

Depending upon how many accounts you have on your credit report and the presence of complicating issues (e.g. identity fraud or inaccurate accounts being added to your report), an in-depth credit report analysis could last anywhere from 30 minutes to an hour and a half.

HOW MUCH DOES A CREDIT REPORT ANALYSIS COST?

Doing your own credit report analysis will, of course, cost you no money. Using a nonprofit credit counseling agency such as Money Fit by DRS will also cost you nothing. Beware of credit repair agencies offering a free credit analysis as part of their other services. You will likely end up paying $500 or more for such services.